Presurance Holdings closed its rights offering, raising $14 million by issuing 4.28 million shares at $1 each.
Quiver AI Summary
Presurance Holdings, Inc. has successfully completed its rights offering, closing on February 27, 2026, with the purchase of 4,284,640 shares of common stock at $1.00 each. Clarkston Companies, Inc. fulfilled its backstop agreement by acquiring an additional 9,715,360 shares, bringing total gross proceeds to $14 million. The company plans to use these funds for the redemption of its Series B Preferred Stock and general corporate purposes. Subscription rights that were unexercised before the deadline expired, and the offering has been officially terminated for unissued shares. The offering was conducted under a registration statement approved by the SEC. Presurance Holdings specializes in property and casualty insurance and is listed on the Nasdaq under the symbol PRHI.
Potential Positives
- The company successfully closed its rights offering, raising $14,000,000 in gross proceeds, which enhances its financial position.
- The proceeds from the offering will be utilized for the redemption of Series B Preferred Stock, thereby reducing outstanding preferred equity obligations.
- The commitment from Clarkston Companies, Inc. to purchase unsubscribed shares demonstrates strong investor confidence and support for the company's capital plans.
Potential Negatives
- The necessity of a rights offering may indicate potential financial instability or challenges in securing capital through traditional means.
- The aggregated amount raised from the offering ($14 million) may be viewed as insufficient compared to the potential equity dilution and the size of the company’s existing obligations.
- The reliance on Clarkston Companies, Inc. to backstop the offering suggests a lack of broader market confidence in the company's stock at this time.
FAQ
What is the Rights Offering announced by Presurance Holdings?
The Rights Offering allows current shareholders to purchase additional shares of Common Stock at $1.00 per share.
How many shares were purchased in the Rights Offering?
A total of 4,284,640 shares of Common Stock were purchased upon the exercise of subscription rights.
What was the total gross proceeds from the Rights Offering?
The Company received $14,000,000 in gross proceeds from the Rights Offering and the Backstop Commitment.
What will the proceeds from the Rights Offering be used for?
Proceeds will be used for redeeming Series B Preferred Stock and for general corporate purposes.
When did the Rights Offering subscription rights expire?
The subscription rights expired at 5:00 p.m. Eastern Time on February 24, 2026.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PRHI Revenue
$PRHI had revenues of $6.7M in Q3 2025. This is a decrease of -58.3% from the same period in the prior year.
You can track PRHI financials on Quiver Quantitative's PRHI stock page.
$PRHI Hedge Fund Activity
We have seen 6 institutional investors add shares of $PRHI stock to their portfolio, and 6 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- TWO SIGMA INVESTMENTS, LP added 79,943 shares (+inf%) to their portfolio in Q4 2025, for an estimated $56,975
- CITADEL ADVISORS LLC added 50,489 shares (+inf%) to their portfolio in Q4 2025, for an estimated $35,983
- RENAISSANCE TECHNOLOGIES LLC added 25,500 shares (+inf%) to their portfolio in Q4 2025, for an estimated $18,173
- JANE STREET GROUP, LLC removed 24,108 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $17,181
- DRW SECURITIES, LLC added 10,357 shares (+inf%) to their portfolio in Q4 2025, for an estimated $7,381
- NEMES RUSH GROUP LLC removed 10,000 shares (-27.6%) from their portfolio in Q4 2025, for an estimated $7,127
- VANGUARD GROUP INC removed 2,515 shares (-10.1%) from their portfolio in Q4 2025, for an estimated $1,792
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
TROY, Mich., Feb. 27, 2026 (GLOBE NEWSWIRE) -- Presurance Holdings, Inc. (Nasdaq: PRHI) (“Presurance” or the “Company”) today announced the closing of its rights offering (the “Rights Offering”), previously detailed in the Company’s Current Report on Form 8-K filed on January 28, 2026.
Pursuant to the terms of the Rights Offering, 4,284,640 shares of the Company’s common stock, no par value (the “Common Stock”), were purchased upon the exercise of the subscription rights at the subscription price of $1.00 per share of Common Stock at the closing of the Rights Offering on February 27, 2026 (the “Closing”).
Pursuant to the Rights Offering Backstop Agreement, dated as of February 3, 2026, by and between the Company and Clarkston Companies, Inc. (“Clarkston”), Clarkston agreed to purchase all unsubscribed shares of Common Stock to be issued in connection with the Rights Offering at a price of $1.00 per share (the “Backstop Commitment”). In satisfaction of the Backstop Commitment, Clarkston and its assignee purchased an aggregate of 9,715,360 shares of Common Stock from the Company. In connection with the fulfillment of the Backstop Commitment, the Company redeemed its Series B Preferred Stock and paid all accrued dividends on the Series B Preferred Stock.
The Company received an aggregate of $14,000,000 in gross proceeds from the Rights Offering and under the Backstop Commitment. Further to the use of proceeds described in the registration statement and prospectus for the Rights Offering, the Company is using the proceeds from the Rights Offering for the redemption of the Series B Preferred Stock and for general corporate purposes.
Pursuant to the terms of the Rights Offering, the subscription rights (the “Rights”) that were not properly exercised by 5:00 p.m., Eastern Time, on February 24, 2026 expired and became of no further force or effect. The Rights Offering is terminated with respect to shares not issued at the Closing.
The Rights Offering was made pursuant to the Company’s registration statement on Form S-1 (File No. 333-292735), as amended, which was declared effective by the Securities and Exchange Commission (the “SEC”) on February 6, 2026. A final prospectus describing the terms of the Rights Offering was filed with the SEC on February 6, 2026.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Rights, Common Stock or any other securities, nor will there be any offer, solicitation or sale of any of the Rights, Common Stock or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.
About Presurance Holdings
Presurance Holdings, Inc. is a Michigan-based property and casualty holding company. Through its subsidiaries, the Company provides specialty insurance coverage with a focus on disciplined growth and long-term value creation. The Company trades on the Nasdaq Capital Market under the symbol PRHI. Additional information can be found on the Company’s website at ir.PREHLD.com.
For Further Information:
Jessica Gulis, 248.509.9202
[email protected]
